New Order were honoured, along with their previous incarnation Joy Division.

They performed Joy Division classic Love Will Tear Us Apart and dedicated it to the band's singer Ian Curtis, who committed suicide in 1980.

Pink Floyd were inducted after they briefly reunited in July this year to appear at Live 8.

Band member Roger Waters told the audience: "The response we have had from the public has been very touching, not least when we were all together on that day in July this year. It was great to be together again."

Geldof presented the award to Eurythmics and described Annie Lennox's voice as "one of the great British works of art".

Even Prime Minister Tony Blair popped up on a video tribute to declare himself a Eurythmics fan.

The ceremony was hosted by Dermot O'Leary from Alexandra Palace in north London.

The inductees are chosen by a panel of artists, music journalists, broadcasters and music industry executives. Last year's inaugural inductees included Elvis Presley, The Beatles, Madonna and U2.The ceremony will be broadcast today on Channel 4.